Specific Identification Method and Expensing Inventory (Financial Accounting Tutorial #35)
The beginning of how to expense inventory starts now! We'll be going over the specific identification method which is your basic tag and bag system and recording the respective expense.
It's a very simple system though hardly ever used mainly because the
FIFO and average cost flow assumptions form of expensing are better!
Regardless, it might come up on a test, so learn what this is in a few minutes and head on over to the FIFO tutorial!
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